全球Disney Plus行業(yè)市場前景及投資研究報告-培訓(xùn)課件外文版2024.4

COMPANIES

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PRODUCTSDisneyPlusCHAPTER

01OverviewSubscriptionvideo-on-demand(SVOD)revenueworldwidefrom2016to2028(inbillionU.S.dollars)SVODrevenueworldwide2016-20281401201008012499676036.052018402517.2220020162017202020222028*4Description:Dataontheglobalsubscriptionvideo-on-demand(SVOD)marketshowedthatrevenuemorethantripledbetween2017and2022,growingfrom25billionU.S.dollarsto99billionU.S.dollars.Furtherrapidgrowthispredictedtocontinueinthefuture,andbytheyear2028,therevenueisexpectedtosurpass124billionU.S.dollars.ReadmoreNote(s):Worldwide;2016to2022;forecastbasedonDecember2022results;*Forecast.Figureshavebeenrounded.Somefigurescomefromseparatereports.

ReadmoreSource(s):DigitalTVResearchEstimatednumberofSVODsubscribersworldwidefrom2020to2028,byservice(inmillions)SVODsubscribercountworldwide2020-2028,byserviceFeb2020Sep20202025(Nov2020estimates)2026(Oct2021estimates)2027(Sep2022estimates)2028(May2023estimates)300250200150100500NetflixAmazonPrimeVideo*Disney+Paramount+HBOAppleTV+5Description:AsofSeptember2020,thetotalnumberofNetflixsubscribersamountedtoabout201million,makingitbyfarthemostpopularsubscriptionvideo-on-demandserviceworldwide.AmazonPrimeVideorankedsecondinthemarket,with117millionusers.EstimatesfromMay2023predictthatbothcompetitorsmightbeupforacloseraceforthetopspotby2028,whileDisney+haslostconsiderablegroundtothem,comparedtoestimatesfromOctober2021.

ReadmoreNote(s):Worldwide;2020;forecastdatafromNovember2020,October2021,May2022,September2022,andMay2023;*OnlythenumbersofAmazonPrimeVideousersareincludedhere,nottheoverallnumberofPrimemembers(whichwould[...]

ReadmoreSource(s):DigitalTVResearchNumberofhybridsubscribersofselectedhybridvideo-on-demandplatformsworldwidein2028(inmillions)Hybridsubscribersofselectedhybridvideo-on-demandplatformsworldwide2028250205.520015010063.252.850.9500Disney+NetflixParamount+HBOMax6/statistics/1356361/hybrid-subscribers-avod-svod-tier-platformsAforecastshowsthatDisney+wouldhaveover200millionhybridsubscribersoftheplatform'snewAVOD-SVODtierby2028.Netflix,whichlauncheditsad-supportedplanamonthbeforeDisney+,wasestimatedtohavenotevenhalfoftheamount.ReadmoreNote(s):Worldwide;September2022;includessubscriberspayingforthehybridAVOD-SVODtierSource(s):DigitalTVResearchMostpopularvideostreamingservicesbasedonaudiencedemandfororiginalTVseriesworldwidein2022,bydifferencefrommarketaverageMostin-demandvideostreamingservicesfororiginalTVseriesworldwide2022Differencefromaveragetitle(1x)0.00.51.01.52.02.53.03.54.04.5AppleTV+Starz4.173.85Paramount+Showtime3.473.383.313.24Disney+HBO/HBOMaxHulu2.63Netflix2AmazonPrimeVideoPeacock1.831.117Description:2022datarevealedthatAppleTV+wasthemostin-demandvideostreamingserviceworldwide,withanexpression4.17timeshigherthantheaverageoriginalTVseriestitleacrossallstreamingplatforms.InsecondplacewasStarz,followedbyParamount+.ReadmoreNote(s):Worldwide;2022Source(s):ParrotAnalyticsSpendingonoriginalcontentworldwidein2023,bycompany(inbillionU.S.dollars)Leadingcompaniesspendingthemostonoriginalcontentworldwide20231210.59.610898.87.264.54.5432.21.51.421.31.21.1110.90.80.80.808Description:TheWaltDisneyCompanyisexpectedtospendthehighestamountonoriginalcontentin2023amongTV,film,andvideostreamingcompanies,withanestimated10.5billionU.S.dollars.WarnerBros.Discoveryfollowed,withoriginalcontentexpendituresof9.6billionU.S.dollars.Incomparison,Netflixisforecasttospend7.2billiondollarsonownproductions.ReadmoreNote(s):Worldwide;asofJanuary2023;forecastSource(s):AmpereAnalysis;MediaPost;estimatesNumberofwinsforthePrimetimeEmmyAwardsintheUnitedStatesin2022,bynetworkEmmyAwards:winsbynetwork2022Numberofwins1505102025303540HBO/HBOMaxNetflixHulu382610Disney+Apple99AmazonNBC76CBS5ABCFX33VH1NationalGeographicsTBS2119Description:InSeptember2022,HBOandHBOMaxtookhome38PrimetimeEmmyAwards,makingittheleadingnetworkinthisregard.StreamingserviceNetflixrankedsecondwith26wins,followedbyHulu,Disney+,andApple.ReadmoreNote(s):UnitedStates;2022;incl.bothmaintelecastandCreativeArtsEmmysSource(s):Emmys;VarietyMonthlysubscriptionpricesforselectedDisney'svideostreamingoffersintheUnitedStatesasofOctober12,2023(inU.S.dollars)MonthlysubscriptionpricesofDisney'svideostreamingoffersintheU.S.2023Price

in

U.S.

dollarsDisney+withads7.9913.997.99Disney+withoutadsHuluwithadsHuluwithoutads17.992Disney+(withads)onHuluadd-onESPN+onHuluadd-on10.9910.9919.999.99ESPN+withadsDuoPremium:Disney+(noads),Hulu(noads)DuoBasic:Disney+(withads),Hulu(withads)TrioPremium:Disney+(noads),Hulu(noads),ESPN+(withads)TrioBasic:Disney+(withads),Hulu(withads),ESPN+(withads)Hulu+LiveTVwithads24.9914.9976.9910Description:AsofOctober12,2023,DisneywillagainincreasethesubscriptionpricesforitsstreamingoffersDisney+,Hulu,andESPN+intheU.S.Thead-freeplansofHuluandDisney+willexperiencethehighestgrowthsandwillcost17.99and13.99U.S.dollarspermonth,respectively.Inordertoreachapositiveprofitforitsdirect-to-consumerbusinessby2024,Disneyimplementedseveralmeasuressuchaspriceincreasesandcontentcostcuts.

ReadmoreNote(s):UnitedStates;Augsut2023Source(s):VarietyCHAPTER

02FinancialsRevenueoftheWaltDisneyCompanyworldwidein3rdquarter2023,bysegment(inmillionU.S.dollars)GlobalquarterlyrevenueoftheWaltDisneyCompany2023,bysegment16,00014,00414,00012,00010,0008,0006,0004,0002,00008,3266,6905,5252,082MediaandentertainmentParks,experiencesandproductsLinearnetworksDirect-to-consumerContentsales/licensingandother12Description:Inthethirdquarterof2023,theWaltDisneyCompany'smediaandentertainmentsegmentgeneratedabout14billionU.S.dollarsinrevenue.Thehighestincreaseinrevenuewasreportedfortheparks,experiences,andproducts.

ReadmoreNote(s):Q32023;fiscalyearendslateSeptember/earlyOctoberofthecorrespondingcalendaryearSource(s):WaltDisneyOperatingincome/lossoftheWaltDisneyCompanyin3rdquarter2023,bysegment(inmillionU.S.dollars)Quarterlyoperatingincome/lossoftheWaltDisneyCompany2022-2023,bysegment3,0002,5002,0001,5002,4251,1341,0005000-500-243-512-1,000-1,500-2,000-2,500-1,889MediaandEntertainmentLinearNetworksDirect-to-ConsumerContentSales/LicensingandOtherParks,ExperiencesandProducts13/statistics/1040284/quarterly-income-loss-walt-disney-company-by-segmentInthethirdquarterof2023,theWaltDisneyCompany'sparkssegmentreportedanetoperatingincomeofabout2.43billionU.S.dollars.Atthesametime,themediaanentertainmentsegment'snetoperatingincomeamountedto1.13billiondollars.ReadmoreNote(s):Q32023;fiscalyearendslateSeptember/earlyOctoberofthecorrespondingcalendaryearSource(s):WaltDisneyOperatingincome/lossoftheWaltDisney'sdirect-to-consumerbusinessfrom2ndquarter2021to3rdquarter2023(inmillionU.S.dollars)OperatingincomeofDisney'sdirect-to-consumerbusiness2021-20230-200-290-293-400-600-512-593-630-659-800-887-1,000-1,200-1,400-1,600-1,061-1,053-1,474Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q22023Q3202314Description:TheoperatinglossofDisney'sdirect-to-consumerbusiness,includingthestreamingservicesDisney+,Hulu,andESPN+,amountedto512millionU.S.dollarsinthethirdquarterof2023,markingadeclinefromthesamequarterofthepreviousyear.LikeotherU.S.-basedmediacompanies,Disneyhasstruggledtomakepositiveprofitsrecently.Asaresult,thecompanyannouncedcost-cuttingmeasures,suchaslayoffs,reducingprogrammingcosts,aswellasincreasingsubscriptionprices.

ReadmoreNote(s):Worldwide;Q22021toQ32023Source(s):WaltDisneyAveragemonthlyrevenueperpayingsubscriberofDisneyPlusworldwidefrom1stquarter2020to3rdquarter2023(inU.S.dollars)Disney+ARPUworldwide2020-2023GlobalCoreDisney+Disney+Hotstar765432106.586.475.635.564.624.524.414.444.354.354.164.124.033.993.913.930.590.59Q12020

Q22020

Q32020

Q42020

Q12021

Q22021

Q32021

Q42021

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Q32022

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Q3202315Description:Inthethirdquarterof2023,Disney+Core,excludingIndia'sDisney+Hotstar,reportedlygeneratedanaveragemonthlyrevenueof6.58U.S.dollarsperpayingsubscriber.Thismarksanincreasefromthe6.47dollarsrecordedforthesecondquarterofthesameyear.ReadmoreNote(s):Worldwide;December2019toJuly1,2023;fiscalyearendslateSeptember/earlyOctoberofthecorrespondingcalendaryearSource(s):WaltDisneyRevenueofDisney+Hotstarfromfinancialyear2018to2022(inbillionIndianrupees)Disney+HotstarrevenueFY2018-202235302520151032.5916.715.9311.235.7650FY2018FY2019FY2020FY2021FY202216Description:Disney+Hotstar,India'sleadingvideoOTTprovider,reportedarevenueofover32billionIndianrupeesforfinancialyear2022.Despiteincreasingrevenuefiguresinrecentyears,thecompanyrecordedlosses.Thatsameyear,thisamountedtooverthreebillionrupeesduetohighexpenses.ReadmoreNote(s):India;FY2018toFY2022Source(s):Inc42;MinistryofCorporateAffairs(India)RevenueofDisney+Hotstarinfinancialyear2022,bytype(inbillionIndianrupees)Disney+HotstarrevenueFY2022,bytype3532.5932.23025201510516.8413.740OperatingrevenueAdvertisementSubscriptionTotal17Description:Disney+Hotstar,India'sleadingvideoOTTprovider,reportedarevenueofover32billionIndianrupeesforfinancialyear2022.Thiswasanincrementofover90percentfromthepreviousfiscalyear.Advertisingwastheprimarycontributortorevenueearningsinfiscalyear2022havingdoubledfromthepastyear.ReadmoreNote(s):India;FY2022Source(s):Inc42;Website(financialstatement)In-apppurchaserevenueofleadingDisneyappsworldwidein2rdquarter2023(inU.S.dollars)Disney:globalrevenueofleadingapps2023Revenue

in

U.S.

dollars2240570534317845391310176176774952759Disney+ESPN:LiveSports&ScoresHulu:StreamTVshows&moviesStar+MyDisneyExperienceMarvelUnlimitedESPNFantasySports&MoreESPNPlayer91800410593590545Where'sMyWater?Disneyland?817626322418Description:Inthesecondquarterof2023,Disney+wasthehighest-grossingmobileapppublishedbyTheWaltDisneyCompany,witharound285.5millionU.S.dollarsofin-apppurchaserevenuesgeneratedbyusersworldwide.TheESPN:LiveSport&Scoresapprankedsecond,with43.2millionU.S.dollarsinrevenuesacrossGooglePlayandtheAppleAppStorecombinedintheexaminedperiod.ESPNbecameasubsidiaryofDisneyin1996,thankstothepurchaseofitspreviousparent-company[...]

ReadmoreNote(s):Worldwide;Q22023;AppStoreandGooglePlay;IAPrevenuereducedbyplatformfeesandinclusivetaxes;AppleAppStoreincludesiPhoneandiPaddevicesSource(s):AppMagicCHAPTER

03ContentMostpopularoriginalseriesreleasesworldwidein2022(intimesthedemandoftheaverageseries)Mostin-demandseriesreleasesworldwide2022Timesdemandofaverageseries(1.0x)20

40

60080100120140HouseoftheDragonMoonKnight114.987.685.7WednesdayObi-WanKenobi75.6She-Hulk:AttorneyatLawTheLordoftheRings:TheRingsofPowerPeacemaker71.664.462.660.85853.9Cyberpunk:EdgerunnersAllofUsAreDeadChainsawMan20Description:"HouseoftheDragon"wasthemostpopularoriginalseriesreleasein2022.TheshowwasproducedforHBO.Thepremiereofthefantasyserieshadnearly115timesthedemandoftheaverageseries.SecondcametheDisneyPlusseries"MoonKnight,"with88timesthedemandoftheaverageseries.ReadmoreNote(s):Worldwide;2022;demandinitsfirst30dayspost-premiereSource(s):ParrotAnalyticsContentmostenjoyedonselectedvideostreamingservicesintheUnitedStatesasofSeptember2022MostenjoyablecontentonvideostreamingservicesintheU.S.2022NetflixHuluPrimeVideoHBOMaxDisney+40%34%35%30%25%20%15%10%5%31%31%25%24%24%23%20%20%19%17%19%18%14%18%16%9%14%12%12%12%11%10%10%9%9%9%8%8%5%2%

2%Other1%1%

1%0%OriginalTVprogramsOtheroriginalsRecentmoviesCurrentseasonofnetworkTVOldermoviesPriorseasonsofnetworkTVseries21Description:Accordingtoa2022survey,themostenjoyablecontenttypeonselectedstreamingserviceswasoriginalprogramming,with34percentofU.S.NetflixusersstatingtoenjoyoriginalTVprogramsthemost.WhilerecentmovieswerealsoquitepopularamongHBOMaxviewers,Disney+userswereverykeenonolderfilms.ReadmoreNote(s):UnitedStates;September2022;1,516Netflixusers,1,023Huluusers,1,260PrimeVideo,728HBOMaxusers,899Disney+usersSource(s):S&PGlobalMarketIntelligence;SNLKaganNumberofviewersofMarvelDisneyPlusseriespremieresintheUnitedStatesasofJune2023(inmillions)NumberofviewersofMarvelDisney+seriespremieresintheU.S.20233.02.52.52.01.51.00.50.01.81.81.61.51.50.990.78LokiTheFalconandtheWinterSoldierMoonKnightWandaVisionHawkeyeShe-HulkSecretInvasionMs.Marvel22Description:AsofJune2023,"Loki"wasthemostpopularMarvelshowonDisney+,withanestimated2.5millionhouseholdswatchingtheseriespremierewithinitsfirstfivedays.ThelatestadditiontotheMarvelrepertoireonDisney+,"SecretInvasion,"drewaround990,000viewers.ReadmoreNote(s):UnitedStates;asofJune2023;viewerswatchedinthefirstfivedays;U.S.householdsSource(s):SambaTV;TwitterDistributionofcontentwatchedonDisneyPlusinFinlandin3rdquarter2023,bygenreDistributionofcontentwatchedonDisneyPlusinFinlandQ32023,bygenreShareofviews15%0%5%10%20%25%30%AnimatedDrama24.44%21.84%20.43%ComedySci-fi12.78%SuperheroUnscriptedFantasy11.09%4.99%2.11%1.89%CrimeAdventure0.44%23Description:AnimatedwasFinnishviewers'favoritegenreonDisneyPlusinthethirdquarterof2023,accountingforapproximately24.44percentoftheviews.Itwasfollowedbydramawithashareof21.84percent,whilecomedycontentaccountedforafurther20.43percentoftheviews.ReadmoreNote(s):Finland;Q32023Source(s):FlixPatrol;WaltDisneyRecentlywatchedprogramsonDisneyPlusinSouthKoreaasofMay2023MostwatchedprogramsonDisneyPlusSouthKorea2023Shareofrespondents0%10%20%30%40%50%60%70%AvengersmovieseriesBigBet57.7%56.7%GuardiansoftheGalaxymovieseriesThor47.3%43.3%43%TheRoundup-TheOutlaws2TheNightOwl26%Dr.Romantic22.3%TheSimpsons18.7%ModernFamily11.7%Family:TheUnbreakableBond7.7%24Description:AccordingtoasurveyonvideostreamingservicecontentconductedinSouthKoreainMay2023,around58percentofrespondentsusingDisneyPlusstatedthattheywatchedtheAvengersmovieseries.ThesecondmostwatchedprogramwasaKoreanseriescalled"BigBet",witha56.7percentrespondentshare.ReadmoreNote(s):SouthKorea;May17to22,2023;300respondents;15-59years;DisneyPlususersSource(s):OpensurveyCHAPTER

04SubscribersandconsumerbehaviorNumberofDisneyPlussubscribersworldwidefrom1stquarter2020to3rdquarter2023(inmillions)QuarterlyDisney+subscriberscountworldwide2020-2023180160140120100164.2161.8157.8152.1146.7137.7129.8118.1116103.694.973.780604020060.557.554.55033.526.5Q12020

Q22020

April2020May2020June2020Aug

Q42020

Q12021

Q22021

Q32021

Q42021

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Q22022

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Q42022

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Q32023202026Description:Inthethirdquarterof2023,thenumberofglobalDisney+subscribersdroppedforthethirdtimeinarowsinceitlaunchedinNovember2019to146.7million.Thismarkedadeclineof11millioncomparedwiththepreviousquarterastheIndianbrandDisney+Hotstar,inparticular,reportedsubscriberslosses.ReadmoreNote(s):Worldwide;December2019toJuly1,2023;fiscalyearendslateSeptember/earlyOctoberofthecorrespondingcalendaryearSource(s):MediaPlayNews;WaltDisneyFrequencyofwatchingDisneyPlusintheUnitedStatesin2022,bygenderFrequencyofusingDisneyPlusintheU.S.2022,bygenderTotalMaleFemale60%50%40%30%20%10%0%57%55%54%14%13%12%12%9%8%7%7%6%6%6%6%5%5%5%4%4%4%MultipletimesadayOncedailyAfewtimesperweekOnceperweekAfewtimesOnceNever27Description:AccordingtoasurveyconductedintheUnitedStatesinNovember2022,11percentofrespondentswatchDisneyPlusonadailybasis.Bycontrast,themajoritystatedtonothaveusedthestreamingserviceatallduringthemonthpriortothesurvey(55percent).ReadmoreNote(s):UnitedStates;November2to4,2022;2,210respondents;18yearsandolderSource(s):MorningConsultFrequencyofwatchingDisneyPlusintheUnitedStatesasofNovember2022,byageFrequencyofusingDisney+intheU.S.2022,byage18-3435-4445-6465+90%80%70%60%50%40%30%81%64%41%35%19%17%20%11%11%10%10%10%

10%9%9%8%7%7%10%6%6%5%

5%

5%Once4%4%3%1%1%1%0%MultipletimesadayOncedailyAfewtimesperweekOnceperweekAfewtimesNever28Description:AsurveyconductedintheUnitedStatesinNovember2022foundthatthedailyuseofthestreamingserviceDisney+wasmostpopularamongyoungeragegroupsintheUnitedStates.20percentofAmericansbetween18and34yearsstatedtousetheserviceonadailybasis,whereastwopercentintheagegroup65yearsandoldersaidtodothesame.Correspondingly,theshareofnon-userswassignificantlyhigherinthelatterthanintheagegroup18to34.

ReadmoreNote(s):UnitedStates;November2to4,2022;2,210respondents;18yearsandolderSource(s):MorningConsultFrequencyofwatchingDisneyPlusintheUnitedStatesin2022,bygenerationFrequencyofusingDisneyPlusintheU.S.2022,bygenerationGenZMillennialsGenXBabyboomers90%80%70%60%50%40%30%20%10%0%77%55%38%34%19%16%14%13%11%11%10%10%9%9%9%8%8%7%7%6%6%6%5%4%3%3%1%1%MultipletimesadayOncedailyAfewtimesperweekOnceperweekAfewtimesOnceNever29Description:AccordingtodatafromasurveyheldintheUnitedStatesinNovember2022,Disney'sstreamingserviceDisneyPluswasmostpopularwithGenZandmillennials(thegenerationsbornbetween1981and2012),withrespecitvely18and19percentsayingthattheyuseditonadailybasis.Meanwhile,justtwopercentofbabyboomers(bornbetween1946and1964)hadwatchedtheserviceatleastonceaday.

ReadmoreNote(s):UnitedStates;November2to4,2022;2,210respondents;18yearsandolderSource(s):MorningConsultPercentageofchildrenusingDisney+'smobileappinBrazilasofOctober2022,byagegroupShareofchildrenusingDisney+'smobileappinBrazil2022,byagegroup28%26%26%25%25%20%15%10%5%0%0-34-67-910-12Agegroup30Description:AsofOctober2022,atleastoneoutoffourparentswhohadsmartphonesandweresurveyedinBrazilsaidtheirchildrenagedbetweenzeroand12yearswatchedDisney+ontheservice'smobileapp.Meanwhile,thepercentageofBrazilianchildrenusingNetflix'smobileappdecreasedbetween2020and2022.ReadmoreNote(s):September22toOctober3,2022;1,382respondents;0-12years;amongsmartphoneownerswhohadaccesstotheinternetandchildrenaged12yearsorbelowSource(s):MobileTime;OpinionBoxNumberofhouseholdssubscribingtoDisneyPlusintheUnitedKingdomfrom2ndquarter2021to1stquarter2023(inmillions)NumberofDisney+subscribersintheUK2021-202387.287.146.98765432106.626.535.495.24.8Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q1202331Description:ThenumberofUKhouseholdssubscribingtothesubscription-basedstreamingserviceDisney+hassteadilyincreasedinrecentyears,surpassingsevenmillioncustomersinthefourthquarterof2022.However,likeotherstreamingservices,Disney+experiencedadeclineinthenumberofsubscribersinthebeginningof2023.ReadmoreNote(s):UnitedKingdom;Q22021toQ12023Source(s):BARBInitialreasonsforusingDisneyPlusinSouthKoreaasofMay2023ReasonstostartusingDisneyPlusSouthKorea2023Shareofrespondents0%10%20%30%40%50%60%70%64.7%TherewascontentIwantedtowatchTherewasthepossibilitytoopenanaccounttoshareThecontentwasonlyavailablethereVarietyofcontent/genre36%29.3%20.3%18.7%Wantedtobinge-watchsomethingPossibilitytogetafreetrial14.3%13.7%WantedtowatchwithouttimeorfrequencylimitationsExtrabenefitsthroughphonecarrierManypeopleIknowuseit11.7%8.7%32Description:AccordingtoasurveyonusageofstreamingserviceDisneyPlusconductedinMay2023inSouthKorea,around65percentofrespondentsansweredthattheyhadinitiallysigneduptotheservicetoaccesscontenttheywantedtowatchontheplatform.Anotheraround36percentofrespondentsinitiallystartedusingDisneyPlusbecauseithadtheoptiontoopenanaccounttosharewithothers.ReadmoreNote(s):SouthKorea;May17to22,2023;300respondents;15-59years;DisneyPlususersSource(s):OpensurveyCHAPTER

05CompetitorsNumberofNetflixpaidsubscribersworldwidefrom1stquarter2013to3rdquarter2023(inmillions)QuarterlyNetflixsubscriberscountworldwide2013-202330025020015010050034Description:Netflixhadaround247.2millionpaidsubscribersworldwideasofthethirdquarterof2023.Thismarkedanincreaseofovereightmillionsubscriberscomparedwiththepreviousquarter.MostNetflixsubscribersarebasedintheEMEAregion(Europe,MiddleEast,andAfrica),accountingformorethan83millionofNetflix`stotalglobalsubscriberbase.ReadmoreNote(s):Worldwide;Q12013toQ32023;excludingfreetrialsSource(s):NetflixCombinednumberofsubscriberstoHBO,HBOMax,andDiscoveryPlusworldwidefrom2ndquarter2021to2ndquarter2023(inmillions)Numberofdirect-to-consumervideosubscribersofWarnerBros.Discovery2021-2023U.S.&CanadaInternational12010080604020042.341.541.841.439.237.234.931.126.355.35453.453.153.654.651.249.848.9Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q2202335Description:Asofthesecondquarterof2023,WarnerBros.Discoveryreportednearly96millionsubscriberstoitsdirect-to-consumervideostreamingservicesHBO,HBOMax,andDiscovery+.TheU.S.andCanadaisthelargestmarketofthecompanybasedonsubscribercount.ReadmoreNote(s):Worldwide;Q22021toQ22023Source(s):WarnerBros.DiscoveryNumberofParamountPlussubscribersworldwidefrom1stquarter2021to2ndquarter2023(inmillions)Paramount+subscribercountworldwide2021-202370605060.76055.94643.339.64032.83025.521.42010016.5Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q2202336Description:Fromthebeginningof2021tothesecondquarterof2023,thenumberofParamount+subscribersworldwidesteadilyincreased.AsofJune2021,thevideostreamingservicecountedaround21.4millionsubscribers,whiletheamountwasnearlythreetimesashighbytheendofJune2023.ReadmoreNote(s):Worldwide;Q12021toQ22023Source(s):ParamountEstimatedcontentspendingperuserandannualrevenueperuser(ARPU)ofNetflixandAmazonPrimeVideoin2023(inU.S.dollars)ContentspendingperuserandARPUofNetflixandAmazonPrimeVideo2023Contentspendingperuserin2023AnnualARPU250200150100502147350390PrimevideoNetflix37Description:In2023,AmazonPrimeVideoisforecasttoinvestaround50U.S.dollarsperuseroncontent,whileNetflixwillallocateover70U.S.dollarsperuser.However,despiteNetflixinvestsmoreincontent,thestreaminggiantislikelytogenerateahigherannualARPUthanAmazon'sSVODplatform.ReadmoreNote(s):Worldwide;2023;forecastSource(s):DataxisNumberofmonthlysign-upstoAppleTV+andMLSSeasonPassintheUnitedStatesfromFebruarytoJuly2023Monthlysign-upstoAppleTV+andMLSSeasonPassintheU.S.2023AppleTV+788,069MLSSeasonPass900,000800,000700,000600,000500,000400,000300,000200,000100,0000833,500758,251743,406725,745585,997288,101124,74392,27239,492Apr202339,617May202337,987Jun2023Feb2023Mar2023Jul202338Description:ThenumberofuserswhosigneduptoMajorLeagueSoccer`sstreamingplatformintheUnitedStatesjumpedfromJunetoJuly2023toover288,000.AppleTV+alsoexperiencedconsiderablegrowthduringthisperiod,increasingtoalmost834,000inJuly2023.ReadmoreNote(s):UnitedStates;FebruarytoJuly2023Source(s):AntennasDirect;WallStreetJournalCHAPTER

06AdvertisingAd-supportedvideo-on-demand(AVOD)revenuesforTVseriesandmoviesworldwidein2028,byplatform(inbillionU.S.dollars)AVODrevenuesworldwide2028,byplatform454035302520154011.41055.454.74.64.64.33.132.32.20Disney+

Paramount+

YouTubeHuluU.S.NetflixPeacockU.S.HBORokuU.S.

PlutoTVU.S.

TencentChinaFacebookOthers40Description:Accordingtoarecentforecast,Disney+isestimatedtogeneratethehighestrevenuewithitsad-supportedtierworldwidein2028,at11.4billionU.S.dollars.Paramount+camesecondintherankingwithanexpectedAVODrevenueofaround5.4billionU.S.dollars.ReadmoreNote(s):Worldwide;April2023;forecastSource(s):DigitalTVResearchAdvertisingrevenuesofselectedad-supportedvideostreamingservicesintheUnitedStatesin2026(inbillionU.S.dollars)Adrevenuesof